New UK Corporate Governance Code

June 14, 2010

Ronan OSullivan & Ross McNaughton

Introduction

The UK Corporate Governance Code (previously called the Combined Code on Corporate Governance) (the Code) is the principal set of corporate governance principles applicable to listed companies in the UK. Responsibility for the oversight of the Code rests with the Financial Reporting Council (the FRC).

On 28 May 2010, the FRC published an updated version of the Code, together with a report summarising the outcome of its recent consultation process and the main issues that were raised throughout the review period. A summary of the principal changes is set out below. The Code is to apply to companies with reporting periods beginning on or after 29 June 2010.